Passenger and freight traffic at Miami International Airport continue to exceed forecasts through the first six months of 2010 after a stable year in 2009.
MIA's total passenger traffic has grown four percent through the first half of the year compared to 2009, with international passengers increasing 4.8 percent and domestic passengers growing by 3.3 percent. MIA has served 17.6 million passengers to date this year, with 8.1 million being international and 9.5 million domestic.
Total freight volume at MIA has grown 26.5 percent year to date, with international freight increasing nearly 28.9 percent and domestic freight growing by 10.3 percent. MIA has already handled more than one million tons of freight in the first half of 2010.
In the month of June alone, MIA served nearly three million passengers, up 5.4 percent from last June, and saw total freight volume increase by 30.6 percent. Most notably, international freight grew by 33.8 percent in June.
MIA's strong performance helped maintain “A” ratings and stable financial outlooks with all three major bond rating agencies for a July bond sale that is expected to be the final financing necessary to finish the airport's Capital Improvement Program. Miami-Dade County's aviation revenue bonds earned a true interest cost of 4.92 percent - half a percent lower than estimated in April 2010, which will result in savings of $5 million annually in borrowing costs over 23 years, or $115 million total.
In its bond rating report for MIA in June, Fitch Ratings noted, “The airport's strengths include a well-balanced traffic profile between origin/destination and connecting passengers that serves domestic and international travel and enhanced management oversight of the capital improvement program.” Moody's report in July mentions that, “Enplanements to-date are ahead of December 2009 forecasts as Latin American markets grow steadily and American Airlines continues to consolidate its Latin American operations in Miami and add capacity.” Lastly, Standard & Poor's said in July that the bonds' “A-” rating “reflects our view of MIA's size and niche market dominance as a U.S. gateway airport to Latin America due to its favorable geographical orientation and solid enplanement trends.”